James Pethokoukis

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Innovation prizes put space tourism on the launch pad and helped Netflix better predict consumer movie preferences. Now they might even improve oil spill cleanup. Government should join in, too. In austere times, such rewards would be an efficient way for cash-strapped Washington to fund breakthroughs that drive economic growth.

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Paul Ryan, the most intellectually ambitious Republican in Congress … has been promoting a roadmap to comprehensively reform the nation’s tax and welfare system. On the tax side, he would sweep away most of the special-interest-favoring tax credits and subsidies and give people a chance to join a simple tax system with only two rates.